Terms and conditions

KRO AUCTIONS · LEGAL DOCUMENT

KRO AUCTIONS – PHYSICAL AUTO AUCTION | TERMS AND CONDITIONS v.8.2

Applicable as of the date of publication on the website and/or communication to Participants Versionv.8.2 / VAT Regime Clarification LanguageEnglish (in case of translations, the Romanian version shall prevail) IMPORTANT WARNING

These Terms and Conditions (the “T&C”) govern participation in KRO Auctions’ physical vehicle auctions. They set out the rights and obligations of individuals and legal entities participating in the auction, the rules for adjudicating and purchasing auctioned vehicles, the relationship with Consignors whose vehicles are sold by auction, and the related processing of personal data. The T&C are a framework document and constitute a contract of adhesion. By participating in the auction, each Participant expressly and unreservedly accepts these T&C and the annexes listed in Art. III.3. This version (v.8.2) incorporates VAT regime clarifications and updates to KRO Auctions’ auction legal package and replaces all prior versions.

IIDENTITY OF THE ORGANIZER

1.1.The Auction Organizer is:

Legal NameLK LUXURY CARS S.R.L. Trading NameKRO Auctions Legal FormLimited liability company, a Romanian legal entity Registered OfficeVoluntari, 14 Sportiv Cătălin Bercu St., Ilfov County, Romania Tax ID (CUI)RO 50512384 Trade Register No.J2024020338008 Legal RepresentativeMr. KRONENFELD SIMION, in his capacity as Administrator Official E-mailauctions@kroauto.ro Telephone+40 314 023 576 Websitewww.kroauto.ro

1.2.Organizer’s Capacity. The Organizer may act, for each lot:

(a)As SELLER (REGIME A) – for vehicles owned by the Organizer, sold through auction in its own name and on its own behalf;
(b)As MANDATARY/AGENT (REGIME B) of the Seller/Consignor – for vehicles belonging to third parties, sold through auction based on a Consignment Agreement for Used Vehicles supplemented by the Auction Regime Addendum, in the name and on behalf of the Seller/Consignor.

1.3.Marking per lot. For each lot, the Organizer's capacity is expressly indicated on the vehicle page in the Catalog, in the Adjudication Minutes, in the Post-Auction Vehicle Sale-Purchase Agreement, and in any other documents issued in connection with the respective lot. The marking is binding upon Participants and Buyers.

1.4.In all cases, the Buyer’s Premium / Buyer’s Commission, equal to 3% of the Hammer Price, calculated on the Hammer Price before any Vehicle VAT that may be added under the normal VAT regime and excluding the Buyer’s Premium itself, the VAT applicable to the Buyer’s Premium and any post-acquisition costs, plus VAT according to applicable law, is due in full and exclusively to the Organizer in its capacity as auction operator. It is payable in addition to the Vehicle price, is not included in the Hammer Price, and is invoiced separately from the Vehicle price.

IIDEFINITIONS

For the purposes of these T&C and the annexes, the following terms have the following meanings:

“Auction”the competitive open-outcry bidding procedure, organized physically at the location, through which Participants bid prices for Vehicles/Lots. The auction is open to previously validated participants and is conducted transparently through successive bidding. “Auctioneer” / “Auction Conductor”the person designated by the Organizer to lead the auction session, validate bids, and declare the adjudication. The Auctioneer's decision on-site is final. “Lot”the unit of sale within the auction, identified by a unique number or name. “Vehicle”the individual car or vehicle that constitutes a Lot, as described in the Catalog. “Catalog”the set of information published by the Organizer regarding the session and the lots (on the website and/or in printed materials). “VAT Status” / “Fiscal Regime of the Lot”the fiscal treatment applicable to each Vehicle/Lot, as indicated in the Catalog, on the vehicle page, in the Adjudication Minutes, in the Post-Auction Vehicle Sale-Purchase Agreement and on the invoice. The VAT Status may include, without limitation: normal VAT regime, special VAT margin scheme, non-taxable transaction, or any other fiscal treatment applicable by law. “Vehicle VAT”the VAT, if any, applicable to the Vehicle price according to the VAT Status / Fiscal Regime of the respective Lot. Vehicle VAT is separate from the VAT applicable to the Buyer’s Premium. “Seller”the Organizer (REGIME A) or the Consignor (REGIME B), according to the marking in the Catalog. “Consignor”the individual or legal entity that has entered into a Consignment Agreement for Used Vehicles with the Organizer, supplemented by the Auction Regime Addendum. “Participant” / “Bidder”the individual or legal entity (through a representative) approved by the Organizer, who has paid the Guarantee and received the bidding number/paddle. “Offeror”the Participant who places a bid during the auction. “Offer” / “Bid”the amount expressed and accepted procedurally by the Auctioneer, representing the firm and irrevocable commitment of the Offeror to buy at the offered price, in case the offer is declared the winning one. The Bid does not include the Buyer’s Premium, the VAT applicable to the Buyer’s Premium, or post-acquisition costs. For Lots under the normal VAT regime, the Bid is deemed to be exclusive of Vehicle VAT, unless the Catalog expressly states otherwise. For Lots under the special VAT margin scheme or for transactions not subject to VAT, the Bid follows the VAT Status / Fiscal Regime indicated for that Lot. “Starting Price”the price at which the bidding for a lot begins. It is purely commercial in nature; it does not represent the minimum price acceptable to the Seller. Unless the Catalog expressly states otherwise, the Starting Price follows the same VAT/display treatment as the Bid and Hammer Price indicated for the respective Lot and does not include the Buyer’s Premium. “Reserve Price”the minimum threshold for definitive adjudication; below this threshold, the sale is not finalized except by the express agreement of the Seller. The Reserve Price remains confidential; it may be indicated as a guide in the Catalog as a range/“estimate”. “Adjudication Price” / “Hammer Price”the final bid amount, expressed in EUR, declared by the Auctioneer for the adjudicated Lot. It represents the firm and mandatory payment obligation of the Buyer to the Seller, determined according to the VAT Status / Fiscal Regime applicable to the Vehicle. For Lots under the normal VAT regime, unless the Catalog expressly states otherwise, the Hammer Price is exclusive of Vehicle VAT and Vehicle VAT is added and invoiced separately according to law. For Lots under the special VAT margin scheme or for transactions not subject to VAT, the Hammer Price represents the Vehicle price due under that regime, with no separately deductible Vehicle VAT for the Buyer unless the fiscal marking of the Lot provides otherwise. In all cases, the Hammer Price excludes the Buyer’s Premium, the VAT applicable to the Buyer’s Premium, and post-acquisition costs (registration, insurance, transport and other administrative costs). “Buyer’s Premium” / “Buyer’s Commission” / “Buyer’s Fee”a fixed commission equal to 3% of the Hammer Price, calculated on the Hammer Price before any Vehicle VAT that may be added under the normal VAT regime and excluding the Buyer’s Premium itself, the VAT applicable to the Buyer’s Premium, and any post-acquisition costs, plus VAT according to applicable law. It is payable by the Buyer exclusively to the Organizer, in addition to the Vehicle price. The Buyer’s Premium is not included in the Hammer Price, is invoiced separately from the Vehicle price, and remunerates the Organizer for operating and organizing the auction. “Total Amount Payable” / “Total Purchase Price”the aggregate amount owed by the Buyer following adjudication, consisting of: (i) the Vehicle price determined according to the VAT Status / Fiscal Regime of the Lot, namely the Hammer Price plus Vehicle VAT where the normal VAT regime applies, or the Hammer Price where the special VAT margin scheme or a non-taxable transaction applies; (ii) the Buyer’s Premium plus the VAT applicable to it; and (iii) any post-acquisition costs or payment-method costs expressly communicated and applicable according to law. “Buyer”the Participant declared the winner, who has adjudicated the Vehicle definitively or, as the case may be, conditionally (subject to seller’s approval). “Definitive Adjudication”adjudication where the Hammer Price is equal to or exceeds the Reserve Price; the sale is finalized on-site, without subsequent confirmation. “Conditional Adjudication” (“subject to seller’s approval”)adjudication where the Hammer Price is below the Reserve Price; finalization is conditioned by the express confirmation of the Seller within the term established at Art. X. “Participation Guarantee” (“the Guarantee”)the amount of [●] EUR (amount communicated in the KRO Auctions Fees and Commissions Policy), paid for the right to participate in the auction and for guaranteeing the seriousness and execution of the Buyer's obligations. “Advance” / "Down Payment"the amount paid immediately on-site by the Buyer after the declaration of the Definitive Adjudication, equal to 10% of the Hammer Price, plus any Vehicle VAT becoming due on that advance according to the VAT Status / Fiscal Regime of the Lot. The Advance does not include the Buyer’s Premium, which is calculated and invoiced separately according to Art. X.B and Art. XI. “Confirmation Deposit”the amount of 10% of the maximum bid in case of Conditional Adjudication; while held as a deposit, it does not represent an advance or payment of the Vehicle price, but a guarantee of maintaining the bid until the Seller's decision. If it converts into an Advance, its fiscal treatment follows the VAT Status / Fiscal Regime of the Lot, and any Vehicle VAT due on the converted Advance is handled according to law. “Auction Documentation”the Catalog and all information made available to Participants: the list of vehicles, rules, schedule, individual lot files, announcements on-site. “Major Discrepancy”a defect, undeclared damage, hidden legal encumbrance, alteration of identification data, or alteration of the mileage, having an estimated impact of over 10% of the Hammer Price (independent assessment), discovered within the 24-hour window from the Vehicle's availability for delivery. The treatment is regulated by the Vehicle Conformity Policy, Sect. VI.

IIIACCEPTANCE OF T&C AND ANNEXES

3.1.By (i) sending the registration request and/or the Registration Form and Participation Agreement; (ii) paying the Guarantee; (iii) participating in the auction, the Participant confirms that they have read, understood, and fully accepted these T&C and the related annexes.

3.2.Any bid formulated within the auction is binding and implies the firm obligation of payment in case of adjudication. Bids are irrevocable.

3.3.T&C Annexes – The Auction Documentary Package The following documents are annexes to these T&C and form an integral part of the auction documentary package:

Annex 1 – Registration Form and Participation Agreement
Annex 2 – Adjudication Minutes (model)
Annex 3 – Post-Auction Vehicle Sale-Purchase Agreement (Dual-Mode REGIME A/B – model)
Annex 4 – KRO Auctions Fees and Commissions Policy
Annex 5 – KRO Auctions Vehicle Conformity Policy
Annex 6 – Information on the Processing of Personal Data (GDPR) For relations with Sellers/Consignors, the following shall additionally apply:
The Consignment Agreement for Used Vehicles (in force) and
The Auction Regime Addendum to the Consignment Agreement.

3.4.Hierarchy of documents in case of inconsistency In case of conflict between the documents applicable to the relationship with the Buyer, the following shall prevail:

(a)Announcements made by the Auctioneer on-site for the respective session;
(b)Post-Auction Vehicle Sale-Purchase Agreement (Annex 3);
(c)Adjudication Minutes (Annex 2);
(d)These T&C;
(e)Annexes 1, 4, 5, 6. For relations with Sellers/Consignors, the following shall prevail: Auction Regime Addendum → Consignment Agreement → T&C and Annexes.

3.5.Modifications. The Organizer may modify the T&C and annexes by publishing a new version on the website. Modifications enter into force on the date of publication and do not affect adjudications already made. The version applicable to each auction is the one in force on the date of publication of the respective auction offer.

IVELIGIBILITY, REGISTRATION, APPROVAL, AND AML COMPLIANCE

4.1.The following may participate in the auction:

(a)Individuals aged at least 18 years, with full capacity to exercise rights, in their own name or through a representative with a valid power of attorney.
(b)Legally constituted legal entities, through a legal representative or an authorized person with a valid delegation/power of attorney.

4.2.Minimum documents requested at registration

For individuals: original identity document (ID card/passport), Personal Identification Number (CNP), domicile, phone, e-mail, IBAN.

For legal entities: trade register certificate (or equivalent), Tax ID (CUI), headquarters, representative's data, delegation/power of attorney for the representative present on-site, IBAN. The detailed list of mandatory documents and declarations is included in the Registration Form (Annex 1), which is signed at check-in.

4.3.AML Compliance (Law no. 129/2019) The Organizer applies the obligations for preventing and combating money laundering:

(a)Identification of the Participant through an original document (standard KYC).
(b)For legal entities: identification of the ultimate beneficial owners (share > 25%).
(c)For transactions with a cumulative value ≥ 10,000 EUR equivalent: declaration regarding the source of funds, PEP (Politically Exposed Persons) verification, verification against international sanctions lists.
(d)Suspicious transactions are reported to the National Office for the Prevention and Control of Money Laundering (ONPCSB), according to the law.
(e)Strict confidentiality (tipping-off prohibition): the client will not be informed that they are the subject of a report.

4.4.Organizer’s rights regarding registration The Organizer reserves the right to:

(a)Approve or reject registration, including without detailed justification, for reasons such as: identification discrepancies, fraud risk, failure to comply with rules, previous abusive behavior, non-payment, inclusion in the internal restrictive list (blacklist), high-risk AML profiles;
(b)Request additional verifications for fraud prevention and/or compliance, including verification of identity, powers of attorney, and source of funds;
(c)Request additional guarantees or evidence regarding the Participant's financial capacity (proof of funds, financing approvals), depending on the level of anticipated bids;
(d)Limit the participation or the number of adjudications of a Participant.

4.5.Professional / consumer status The definition of "professional" is relevant in the relationship with consumers, according to consumer protection legislation (Government Ordinance no. 21/1992, Law no. 449/2003). The Organizer assumes the status of a professional; Participants who are individuals purchasing outside their professional activity are consumers in the sense of the law. In B2C transactions, the mandatory rights of consumers prevail over T&C clauses that would limit them.

VPARTICIPATION GUARANTEE

5.A. General Rules

5.A.1.Amount: [●] EUR / Participant / auction, unless the Organizer communicates otherwise in writing.

5.A.2.Purpose: (i) filtering/validating participation and (ii) guaranteeing the Buyer's payment/signing obligations.

5.A.3.Confirmation of validation: The Participant is considered "validated" only after confirmation of the receipt of the Guarantee in the Organizer's accounts or after the confirmation of the card processor, according to the internal procedure.

5.A.4.With a single Guarantee, the Participant may bid for one or more lots in the same session. In case of adjudication of several lots, the Advance, together with any Vehicle VAT due on the Advance according to the fiscal regime of each Lot, is paid separately for each adjudication.

5.A.5.the Guarantee is strictly personal and non-transferable.

5.B. Methods of paying the Guarantee

(a)Bank transfer: to the Organizer's account indicated in the Fees and Commissions Policy (Annex 4); mandatory payment details: “AUCTION GUARANTEE [date] – [Participant Name] – [Phone]”;
(b)Card payment through link/processor (recommended for individuals);
(c)Cash: within the limits and conditions of Law no. 70/2015 and the internal procedure; transactions between professionals and individuals are capped at 10,000 RON/day/person; non-trading individuals: maximum 50,000 RON for a single transaction.

5.C. Use and destination of the Guarantee

5.C.1.the Guarantee is not deducted from the Hammer Price and does not represent an advance on the purchase price.

5.C.2.the Guarantee is fully refunded to the Participant if they do not adjudicate any lot, except for the retention situations from Art. 5.E.

5.D. Refund of the Guarantee

5.D.1.For the Participant who does not adjudicate any lot: automatic refund or upon request, according to the internal procedure.

5.D.2.Method: refund is made, as a rule, to the same payment instrument (same card/account), if operationally and legally possible.

5.D.3.Effective duration: for card payments, crediting can take between 48 hours and 30 days, depending on the issuing bank/processor.

5.D.4.Accelerated refund (3-5 business days) in cases of: registration rejection after receipt of the Guarantee, auction cancellation by the Organizer (or postponement with the Participant's agreement).

5.E. Retention of the Guarantee (total or partial) The Organizer may retain the Guarantee in full or in part in the following situations:

(a)Post-adjudication non-execution: the Buyer does not sign the post-auction documents on time and/or does not pay the amounts due on time;
(b)Unilateral post-adjudication cancellation by the Buyer;
(c)Fraud, manipulation, breach of rules (false identity, fake bidding, anti-competitive agreements, etc.);
(d)Unjustified chargeback/dispute on the card after adjudication;
(e)Any other situation in which, through their act, the Participant produces a prejudice to the Organizer or affects the conduct of the auction. The retention of the Guarantee operates as a contractual penalty (penal clause), without the need to prove a prejudice and without notice of default, and does not limit the right of the Organizer and/or the Seller to request additional compensation for the actual prejudice suffered (price differences, administrative, logistical, relisting costs).

VIAUCTION DOCUMENTATION AND VEHICLE CONFORMITY POLICY

6.1.The Catalog. Prior to each session, the Organizer publishes the Catalog, containing at least: identification of the lots, technical descriptions, photographs, applicable fiscal regime / VAT Status per Lot, Organizer's capacity per lot, Starting Price, whether the displayed bidding prices are VAT-exclusive, VAT-included/final or not subject to VAT, indicative price ranges (estimate range), inspection windows, and the applicable calculation method for the Total Amount Payable.

6.2.Sources of information. The information in the Catalog comes from: (a) data verified by the Organizer (VIN, model, year, visible features); (b) data declared by the Seller/Consignor (service history, damages); (c) data from third-party sources (Carfax, carVertical, public databases); (d) data from independent technical reports, if any.

6.3.Organizer’s diligence. The Organizer applies reasonable professional diligence for pre-auction verifications, according to the Vehicle Conformity Policy (Annex 5). Minimum verifications include: VIN, engine, displayed mileage, RNPM (National Register of Movable Property) encumbrances, fiscal certificate. The Organizer does not guarantee the completeness or accuracy of the information received from the Seller/Consignor or from third-party sources.

6.4.Standard disclaimers. The following standard disclaimers are displayed in the Catalog:

(a)“The vehicle is sold « as is / where is ». The data and photographs are indicative; the Buyer assumes the actual condition found upon inspection”;
(b)“Information regarding mileage, service history, and damages comes from the declarations of the Seller/Consignor and/or from third-party sources. The Organizer does not guarantee their completeness or accuracy”;
(c)“The Starting Price is indicative; it does not represent the minimum acceptable price. Adjudication below the Reserve Price (not communicated) may be conditioned by the Seller's agreement within 48 hours”.

VIIPRE-AUCTION INSPECTION

7.1.Inspection windows. Prior to each session, the Organizer announces physical inspection windows (usually: 2-3 business days prior to the auction, during schedule intervals; and 1-2 hours on the day of the session, before the start). The windows are published in the Catalog and on the website.

7.2.Conditions of inspection: (a) the vehicles are displayed stationary; starting the engine is allowed, without driving on public roads; (b) visual exterior/interior inspection and verification of electrical/electronic equipment is allowed in the presence of an Organizer's representative; (c) test drive on public roads is not allowed as a general rule – specific exceptions, by prior appointment, at the Participant's risk; (d) disassembly, intervention with tools, or invasive tests are strictly prohibited without the Organizer's written agreement; (e) the inspection is carried out at the Participant's own risk.

7.3.Independent technical reports. The Participant has the right, prior to the auction, to order at their own expense an independent technical report (PPI – Pre-Purchase Inspection) through a specialized provider. The Organizer facilitates access to the vehicle, subject to logistical availability.

7.4.The complete standards for verification, presentation, and inspection are contained in Annex 5 – KRO Auctions Vehicle Conformity Policy.

VIIIAUCTION RULES

8.A. Schedule and access

8.A.1.The date and location of the session are communicated on the website. General location: KRO Auctions showroom (or alternative location communicated).

8.A.2.Check-in: in the previously communicated interval; participants who do not show up during the check-in interval may lose the right to participate, without refund of the Guarantee, if the Organizer so decides.

8.A.3.At check-in, the Validation Operator performs: (a) verification of identity documents and powers of attorney; (b) validation of the Guarantee; (c) verification of the internal restrictive list (blacklist); (d) triggering extended AML verification for potential transactions ≥ 10,000 EUR; (e) assignment of the paddle number; (f) signing the Registration Form and Participation Agreement (Annex 1).

8.B. Bidding procedure

8.B.1.Bidding is done exclusively by validated and present Participants, through the paddle/Participant number.

8.B.2.The minimum bidding increment (increase step) is announced by the Auctioneer and may differ per vehicle/lot.

8.B.3.Any bid formulated is irrevocable and cannot be withdrawn or canceled by the Participant; it represents a firm commitment to purchase in case of adjudication.

8.B.4.The Auctioneer is the only one entitled to accept/reject a bid, decide the increment, declare the adjudication, or suspend the auction for a lot.

8.B.5.At the closing of the bidding for the lot, the Auctioneer declares:

(a)“Adjudicated / Sold” – in case of Definitive Adjudication (Hammer Price ≥ Reserve Price);
(b)“Adjudicated subject to the Seller's agreement” – in case of Conditional Adjudication (Hammer Price < Reserve Price);
(c)“Not sold / Pass” – in case of lack of bids or bids below the Starting Price.

8.C.Suspension, withdrawal, cancellation, repetition The Organizer/Auctioneer reserves the right, in the interest of the fair conduct of the auction, to: (a) temporarily suspend the auction for a lot or the entire session; (b) withdraw a lot from the auction, before or during the bidding, with or without motivation; (c) cancel the adjudication in case of obvious error, fraud, or breach of rules; (d) repeat the bidding for a lot in case of a dispute between Offerors with simultaneous steps or other ambiguities.

8.D. Anti-abuse rules and sanctions Any act of manipulation is prohibited, including but not limited to:

fake bidding (bidding without the intention/capacity to buy);
shill bidding (bidding by persons affiliated with the Seller/Buyer to artificially increase the price);
collusion (agreement between Participants to rig the result);
bid shielding/bid suppression (tactics to block competition). Possible sanctions: warning, removal from the auction room, cancellation of the right to bid, loss of the Guarantee, internal blacklist, reporting to authorities.

8.E.Internal restrictive list (blacklist) The Organizer maintains an internal list of restricted Participants (blacklist) for: non-payment, fraud, abuse, aggressiveness, anti-competitive behavior, or other legitimate risks. The processing of data is based on the Organizer's legitimate interest. Included persons have the right to object, according to Annex 6 (GDPR Information).

IXCONDITIONAL ADJUDICATION – DETAILED MECHANISM

9.1.Character. In the event that the maximum bid is below the Reserve Price, the Auctioneer declares the lot “Adjudicated subject to the Seller's agreement”. The adjudication is not definitive; finalization is conditional.

9.2.Term of the offer. The maximum bid remains valid and binding for the Offeror for 48 (forty-eight) hours from the moment of declaration.

9.3.Communication to the Seller. The Organizer communicates the bid to the Seller and requests confirmation/refusal within maximum 4 (four) business hours from the closing of the lot bidding.

9.4.Seller’s response. The Seller must communicate the decision (express acceptance / express refusal / counter-offer) within 24 (twenty-four) business hours from receipt of the notification. Lack of response within this term is equivalent to a tacit refusal; the bid is considered rejected by law.

9.5.Decision. The Seller's decision is communicated to the Buyer through the Organizer within maximum 4 business hours of receipt.

9.6.Confirmation Deposit. Immediately after the declaration of Conditional Adjudication, the Offeror may, optionally, pay on-site a Confirmation Deposit equal to 10% of the maximum bid, without Buyer’s Premium and without Vehicle VAT while the amount is held only as a guarantee deposit. This deposit: (a) DOES NOT represent an advance on the adjudication price, but a guarantee deposit for maintaining the bid; (b) In case of bid acceptance: converts into the Advance from the Hammer Price, and any Vehicle VAT due on that Advance according to the VAT Status / Fiscal Regime of the Lot shall be paid or accounted for according to law; (c) In case of post-auction negotiation and agreement on a modified price: converts into part of the agreed price, with the corresponding fiscal treatment; (d) In case of Seller's refusal or expiry of the term without agreement: is fully refunded within 3 business days.

9.7.Post-auction negotiations. The Organizer may initiate post-auction negotiations with the maximum Offeror after receiving the Seller's response, without the obligation to accept their bid.

9.8.In case of acceptance of the bid (definitive or modified), the Offeror becomes the Buyer; subsequent refusal to finalize the transaction entails the application of the provisions regarding non-execution (Art. XI), including the retention of the Guarantee and the Confirmation Deposit.

XBUYER’S OBLIGATIONS AND POST-AUCTION PROCEDURE

10.A.Confirmation and post-auction documents (Definitive Adjudication) Immediately after the Definitive Adjudication, the Buyer is directed to the “Post-auction desk” area, where:

(a)The identity of the Buyer or representative is confirmed;
(b)The adjudication file is issued (lot, Hammer Price, VAT Status / Fiscal Regime, applicable Vehicle VAT if any, Buyer’s Premium, total to be paid);
(c)The payment of the 10% Advance, together with any Vehicle VAT due on the Advance according to the VAT Status / Fiscal Regime of the Lot, is made according to Art. X.B;
(d)The Adjudication Minutes (Annex 2) are signed in 2 or 3 copies (depending on REGIME A/B);
(e)The payment documentation (receipt, proforma invoice, balance payment instructions) is handed over to the Buyer. Failure to fulfill the above obligations on-site entails the cancellation of the adjudication, retention of the Guarantee, and inclusion in the internal restrictive list.

10.B. Payment conditions

10.B.1.The Advance is calculated as 10% of the Hammer Price and is paid immediately, on-site, via POS or other accepted methods, before leaving the location. If the Lot is subject to the normal VAT regime, the Vehicle VAT corresponding to the Advance is due/collected together with the Advance, according to law. For Lots under the special VAT margin scheme or for transactions not subject to VAT, no separate Vehicle VAT is added to the Advance, unless the applicable fiscal regime or the invoice requires otherwise.

10.B.2.In case of non-immediate payment of the Advance: the adjudication is automatically canceled without any other formality; the Vehicle may be re-entered into the auction or assigned to the previous valid bidder; the Guarantee is fully retained; the Buyer enters the internal restrictive list.

10.B.3.The balance of payment is paid within maximum 5 (five) business days from the date of adjudication, via bank transfer (recommended), POS, cash (within the limits of Law no. 70/2015), or approved financing. The balance consists of: (i) the remaining Vehicle price, namely 90% of the Hammer Price plus any remaining Vehicle VAT where the normal VAT regime applies, or the remaining amount due under the special VAT margin scheme / non-taxable regime; and (ii) the Buyer’s Premium of 3% of the Hammer Price, plus VAT according to applicable law, unless the Organizer’s payment documentation expressly provides an earlier payment moment for the Buyer’s Premium.

10.B.4.Total payment obligation of the Buyer

The total obligation of the Buyer to the Seller and the Organizer consists of:

(a)Vehicle price due to the Seller, determined according to the VAT Status / Fiscal Regime of the Lot:
Normal VAT regime: Hammer Price plus Vehicle VAT according to applicable law. If the Lot is marked as VAT deductible, the VAT is shown separately on the invoice, subject to the legal conditions applicable to the Buyer.
Special VAT margin scheme: Hammer Price represents the Vehicle price due under the margin scheme; VAT is not separately deductible by the Buyer and is not added separately to the Hammer Price, unless the applicable legal/fiscal regime states otherwise.
Transaction not subject to VAT: Hammer Price represents the Vehicle price due, without Vehicle VAT.
(b)Buyer’s Premium / Buyer’s Commission, equal to 3% of the Hammer Price, calculated on the Hammer Price before any Vehicle VAT and excluding the Buyer’s Premium itself, the VAT applicable to it and post-acquisition costs, plus VAT according to applicable law, due exclusively to the Organizer and invoiced separately from the Vehicle price.
(c)Post-acquisition costs, if any, such as registration, insurance, transport, storage, administrative costs and real costs related to certain payment methods, only if communicated and applicable according to law.

The Buyer acknowledges that the Hammer Price alone may not represent the Total Amount Payable where Vehicle VAT, Buyer’s Premium, VAT on the Buyer’s Premium or other expressly communicated costs are applicable.

10.C. VAT regime and fiscal treatment

10.C.1.The fiscal regime applicable to each Vehicle/Lot depends on the Seller's status, the Organizer's capacity for that Lot, the origin and nature of the Vehicle and the fiscal legislation in force. The applicable VAT Status / Fiscal Regime is indicated in the Catalog, on the vehicle page, in the Adjudication Minutes, in the Sale Agreement and on the invoice.

10.C.2.The fiscal regime may include, as the case may be:

(a)Transactions not subject to VAT – for individual Sellers selling personal goods outside an economic activity or for other cases where the transaction is not subject to VAT according to law. In this case, no Vehicle VAT is added to the Hammer Price.
(b)Normal VAT regime – for taxable Sellers / transactions subject to VAT under the standard regime. In this case, unless the Catalog expressly states otherwise, bidding is carried out on the basis of prices excluding Vehicle VAT; Vehicle VAT is added to the Hammer Price and invoiced separately according to law. Where the Lot is marked as VAT deductible, VAT deductibility depends on the Buyer’s own legal and fiscal status and is not guaranteed by the Organizer.
(c)Special VAT margin scheme – for second-hand goods / vehicles where the applicable legal conditions are met. In this case, the Hammer Price represents the Vehicle price under the margin scheme; VAT is not shown as a separately deductible amount for the Buyer and is not added separately to the Hammer Price, unless the applicable legal/fiscal regime states otherwise.

10.C.3.The Buyer’s Premium is always separate from the Vehicle price and is invoiced by the Organizer with VAT according to the standard regime, unless another treatment is mandatory by law.

10.C.4.The Participant declares that, before bidding, they have checked the VAT Status / Fiscal Regime of the Lot, understood whether the displayed price is VAT-exclusive, VAT-included/final or not subject to VAT, and accepted the calculation method of the Total Amount Payable. For consumer Buyers, the Organizer will display or communicate, before bidding where practically possible, the total payable price or the method for calculating it, including applicable VAT and Buyer’s Premium.

10.D. Non-payment or refusal to execute. Termination Clause

10.D.1.Late payment interest. For non-payment or late payment of the Advance or Balance at the agreed terms, the Buyer owes late payment damages of 0.05% per day of delay, calculated on the overdue sum, without the total damages exceeding the sum on which they were calculated.

10.D.2.Termination Clause Grade IV (Art. 1,553 Civil Code). If the Buyer delays the Balance payment by more than 15 (fifteen) days from the contractual maturity, the Buyer being by law in default, the sale-purchase agreement is rescinded/terminated by right, without notice and without any other additional preliminary formality, without the intervention of the court. In case of rescission, the Seller/Organizer has the right to retain, as damages, the amounts already collected (Advance + Guarantee), without these being less than 10% of the Hammer Price.

10.D.3.Cumulatively with the rescission, the Organizer/Seller has the right, within the limits permitted by law, to request coverage of proven damages, including: the difference between the initial Hammer Price and the price obtained at resale; administrative, logistical, storage, relisting costs; non-pecuniary damages, if applicable.

10.D.4.The Vehicle is re-entered into a subsequent auction. The defaulting Buyer enters the internal restrictive list (blacklist) for a period of 5 years.

10.D.5.Firm nature of the payment obligation. The Buyer expressly declares and accepts that participation in the auction implies a firm payment obligation in case of adjudication.

10.E. Delivery, collection, transfer

10.E.1.Delivery of the Vehicle and related documents is carried out only after full payment of the Total Amount Payable, including the Vehicle price according to the VAT Status / Fiscal Regime of the Lot, the Buyer’s Premium, the VAT applicable to the Buyer’s Premium, any Vehicle VAT where applicable, and after fulfillment of KYC/AML formalities.

10.E.2.Collection of the Vehicle must be carried out within maximum 5 (five) calendar days from the date of confirmation of full payment, from the location communicated by the Organizer.

10.E.3.After the expiry of the collection term, the Organizer applies storage fees in the amount of 25 EUR/day, with prior notification of the Buyer.

10.E.4.The risk regarding the Vehicle is transferred to the Buyer at the moment of physical delivery, confirmed by the signing of the Handover-Receipt Minutes.

10.E.5.In case of transport organized by the Buyer or through third parties, any risk subsequent to delivery remains exclusively with the Buyer.

10.E.6.Documentation handed over: vehicle identity card (CIV), registration certificate (talon), fiscal certificate, RCA insurance (if handed over), service book (if any), Agreement for the alienation-acquisition of a means of transport (model 2016 ITL-054), fiscal invoice.

10.E.7.DRPCIV Registration. The Buyer is obliged to start the transcription/registration formalities at DRPCIV within 30 days of acquisition, on their exclusive responsibility.

10.F.Discrepancies discovered post-delivery The Buyer has the right to notify the Organizer of a Major Discrepancy (defined at Art. II) within 24 hours from the Vehicle's availability for delivery. The treatment, resolution, and remedies are regulated in detail in Annex 5 – KRO Auctions Vehicle Conformity Policy, Sect. VI. After signing the Handover-Receipt Minutes without objections, the Buyer assumes the state of the Vehicle; any subsequent claims are channeled through the Sale Agreement, Annex 3, Art. 6.3 (latent defects).

XIFEES AND COMMISSIONS

11.1.The complete scheme of fees and commissions is detailed in Annex 4 – KRO Auctions Fees and Commissions Policy. 11.2. Main components:

(a)Participation Guarantee: [●] EUR;
(b)Buyer’s Premium / Buyer’s Commission: 3% of the Hammer Price, calculated before any Vehicle VAT and excluding the Buyer’s Premium itself and post-acquisition costs, plus VAT according to applicable law; this commission is not included in the Hammer Price and is invoiced separately;
(c)Advance: 10% of the Hammer Price, plus any Vehicle VAT due on that Advance according to the VAT Status / Fiscal Regime of the Lot, paid on-site;
(d)Balance: the remaining Vehicle price, namely 90% of the Hammer Price plus any remaining Vehicle VAT where applicable, together with the Buyer’s Premium of 3% of the Hammer Price plus VAT, within 5 business days, unless the payment documentation states otherwise;
(e)Storage fee after 5 cal. days: 25 EUR/day.

11.3.Accepted payment methods, cash limits (Law no. 70/2015), and potential fees for certain methods are detailed in Annex 4.

XIIPERSONAL DATA PROTECTION

12.1.The Organizer processes the personal data of Participants, Buyers, Sellers/Consignors, and companions, as Data Controller, in accordance with Regulation (EU) 2016/679 (GDPR) and national legislation. 12.2. Full details regarding categories of data, purposes, legal bases, recipients, international transfers, retention periods, and the rights of data subjects are contained in Annex 6. 12.3. Specific aspects of the physical auction:

(a)The premises and the auction room are monitored via video surveillance (CCTV); recordings are kept for 30 days;
(b)Auction sessions are audio-video recorded as evidence of the conduct of the auction and the formation of contracts; recordings are kept for 3 years;
(c)Contractual documents are kept for 10 years (fiscal term);
(d)AML documents are kept for 5 years after the end of the business relationship (Law no. 129/2019). 12.4. Data subjects can exercise their rights by contacting the Organizer at the data from Art. I or through the procedure in Annex 6.

XIIIUNUSUAL CLAUSES (Art. 1,203 Civil Code)

The Participant declares that they have taken note of the content of the clauses of these T&C considered unusual and expressly accepts them by participating in the auction and by signing the Registration Form (Annex 1), waiving any subsequent claims in connection with them, respectively:

(a)The firm and irrevocable nature of the bid (Art. VIII.B.3) and the payment obligation in case of adjudication (Art. X.D.5);
(b)Application of the “as is / where is” principle and the assumption of risks specific to second-hand goods (Art. VI.4.a, Art. X.E.4 and Annex 5);
(c)The obligation to pay the 10% Advance immediately on-site, together with any Vehicle VAT due on that Advance according to the VAT Status / Fiscal Regime of the Lot, under the penalty of automatic cancellation and retention of the Guarantee (Art. X.B.2);
(d)Termination Clause Grade IV with rescission by right after 15 days of late payment, without notice and without court intervention (Art. X.D.2);
(e)Retention of the Guarantee as a contractual penalty, without the need to prove a prejudice (Art. V.E);
(f)Tacit refusal of the offer by lack of response from the Seller in 24 business hours at Conditional Adjudication (Art. IX.4);
(g)Limitation of the Organizer's liability as Mandatary (REGIME B), responsibility for title, defects, and conformity of the Vehicle belonging exclusively to the Seller (Annex 3, Art. 6.4);
(h)The Organizer's right to approve/reject registration without detailed reasoning (Art. IV.4.a);
(i)The Organizer's right to suspend, withdraw, cancel, or repeat the bidding for a lot (Art. VIII.C);
(j)Automatic inclusion in the internal restrictive list (blacklist) for 5 years in case of non-execution or fraud (Art. V.E + Art. X.D.4);
(k)Audio-video recording of the session as evidence, with 3-year retention (Art. XII.3.b);
(l)Limitation of the Organizer's liability to the value of the Guarantee (Art. XV.3).

XIVCOMPLAINTS AND DISPUTES

14.1.Complaints. Any notification or complaint can be sent by the Participant to the e-mail address contact@kroauto.ro within 7 days of the event or situation complained of. 14.2. The Organizer will analyze the requests and respond within a reasonable time (usually within 30 days). 14.3. Amicable settlement. The parties undertake to attempt, in good faith, the amicable settlement of any dispute. 14.4. Disputes. In the event that a dispute cannot be settled amicably, it will be resolved by the competent courts in Romania (Bucharest), according to the applicable legislation. The parties may agree, in writing, to resort to mediation or arbitration. 14.5. Consumers. In B2C transactions with consumer Buyers, their mandatory rights remain unaffected.

XVLIMITATION OF LIABILITY

15.1.To the maximum extent permitted by law, the Organizer is not liable for:

(a)Indirect, consequential losses or lost profit;
(b)Decisions of Participants based on information provided within the auction;
(c)Errors, omissions, or inconsistencies in the description of the Vehicles from third-party sources or Seller declarations;
(d)Commercial decisions of the Participant and cannot be held responsible for the opportunity or economic advantage of the acquisition.

15.2.In REGIME B (Organizer-Mandatary), liability for the title of the Vehicle, encumbrances, defects, and conformity lies exclusively with the Seller/Consignor. 15.3. The total liability of the Organizer towards a Participant, for any claim resulting from or in connection with the auction, is limited to the value of the Guarantee paid by the respective Participant. 15.4. No provision in these T&C excludes or limits liability in cases where such a limitation is not permitted by law (intent, gross negligence, mandatory consumer rights). 15.5. The Participant accepts that the limitation of liability reflects the allocation of risks between the parties and constitutes an essential condition for participation in the auction.

XVIFORCE MAJEURE

16.1.Neither party is liable for the non-execution of its obligations if this is caused by a force majeure event, according to Art. 1,351 Civil Code. Force majeure includes, without being limited to: fires, floods, earthquakes, acts of authority, legal restrictions, utility interruptions, major technical failures, security incidents. 16.2. In the event of a force majeure event, the Organizer may suspend, modify, or cancel the auction, without the obligation to grant compensation, except for the refund of the Guarantee. 16.3. The Organizer does not guarantee the continuous and error-free availability of the technical infrastructure.

XVIIFRAUD PREVENTION, SECURITY, CONDUCT IN THE SPACE

17.1.The Organizer implements security measures (access control, identity verification, CCTV, security personnel) for safety and fraud prevention purposes. 17.2. Participants must comply with the rules of the location and the instructions of the staff. 17.3. The Organizer may refuse access or remove from the location persons who disrupt the auction, present a risk, or are under the influence of substances.

XVIIIFINAL CLAUSES

18.1.Governing Law. These T&C are governed by Romanian law. 18.2. Language. The Romanian version prevails in case of translations. 18.3. Partial nullity. If a clause is invalid, the rest of the T&C remain applicable. 18.4. Notifications. Communications between parties are made at the e-mail/postal addresses indicated in the Registration Form and on the Organizer's website. 18.5. Assignment. The rights and obligations of the Participants are not assignable without the prior written consent of the Organizer. 18.6. Version and governance. This version v.8.2 replaces in full previous versions (v.6, v.7 and v.8). 18.7. Negotiation. The parties declare that they have directly and freely negotiated each article of these T&C, understanding and being in full agreement on the formulation and interpretation. The Registration Form (Annex 1) constitutes the formal expression of this negotiation and full acceptance.

Approved by LK LUXURY CARS S.R.L. – KRO Auctions AdministratorMr. KRONENFELD SIMION Date of publication06.05.2026 Versionv.8.2 (VAT regime clarification) Document updated for website publication · version v.8.2